Agricultural Accounting

Price: $92.50

CPE Credits: 10.0

Category:

Course Number: AAFARMSB

agricultural accounting

Description:
This course addresses every aspect of the accounting that one might encounter in a farm, ranch, or related business. The intent is to not only explain accounting concepts, but also to provide examples and show how an accounting system can be constructed and operated. The course pays particular attention to unique aspects of agricultural accounting that are not encountered in other industries, including special valuation rules for inventory, hedging transactions, dealing with cooperatives, and recording non-current farm assets. Table of Contents

Delivery Method: Online QAS Self Study.

Level: Overview.

Prerequisites: None

Advanced Preparation: General knowledge of the accounting for sales, payables, payroll, and fixed assets, as well as the production of financial statements.

Author: Steven Bragg, CPA

Publication: September 2016
Format: PDF
Pages: 233

Passing Grade: 70%

Exam Policies: Exam may be retaken. Course must be completed within one year of purchase.

CPE Sponsor Info : NASBA/QAS #109234. Click here to view specific state approvals.

By the end of the course participants should be able to:

  • Recognize the different accounting principles.
  • Cite the line items and classifications used within the financial statements.
  • Note the differences between financial and managerial accounting.
  • Note the differences between cash basis and accrual basis accounting.
  • Identify the concepts behind the accrual-adjusted approach.
  • Note the types of source documents for an accounting system.
  • Recognize how assets and liabilities are classified within the balance sheet.
  • Recognize the structure used in the chart of accounts.
  • Identify the different types of accounting transactions and how they are recorded.
  • Describe contra accounts and how they are used.
  • Note the methods used to derive the allowance for doubtful accounts.
  • Describe the different classifications of securities.
  • Recognize how the other comprehensive income classification is used.
  • Note the calculation for the net proceeds from the sale of an investment.
  • Recognize the issues with using the periodic inventory system.
  • Identify the calculation for net realizable value and when this valuation can be used.
  • Identify the components of a depreciation calculation, and how the mid-month convention can be used in calculating depreciation.
  • Cite the calculations used for the accelerated depreciation methods.
  • Note the entry used to record the disposal of a fixed asset.
  • Identify the investments that are considered to be permanent land developments.
  • Recognize the costs incurred in the development of non-current assets.
  • Note the different types of intermediate-life plants and how their costs are classified.
  • Recognize the methods used to create supplier identification numbers.
  • Note the structure of the Form 1099-MISC and its parts.
  • Recognize the reasons for reconciling loan accounts.
  • Cite the circumstances under which a tax position is recognized.
  • Note the tax rate used in interim reporting periods.
  • Note the process flow for using the other comprehensive income classification.
  • Recognize the different types of hedging transactions.
  • Describe the nature of a highly effective hedge and its effect.
  • Identify the types of cooperatives.
  • Note the recognition criteria for patronage refunds and sales to cooperatives.
  • Recognize the unique aspects of loans from the Commodity Credit Corporation.
  • Identify the different types of entries used when closing the books.
  • Identify how the income summary account is used.
  • Note the analysis methods used to review preliminary financial statements.
  • Recognize the different types of disclosures that should be attached to farm financial statements.
  • Define the different classifications of ratios.
  • Identify the calculations used for each of the farm analysis ratios.

Description:
This course addresses every aspect of the accounting that one might encounter in a farm, ranch, or related business. The intent is to not only explain accounting concepts, but also to provide examples and show how an accounting system can be constructed and operated. The course pays particular attention to unique aspects of agricultural accounting that are not encountered in other industries, including special valuation rules for inventory, hedging transactions, dealing with cooperatives, and recording non-current farm assets. Table of Contents

Delivery Method: Online QAS Self Study.

Level: Overview.

Prerequisites: None

Advanced Preparation: General knowledge of the accounting for sales, payables, payroll, and fixed assets, as well as the production of financial statements.

Author: Steven Bragg, CPA

Publication: September 2016
Format: PDF
Pages: 233

Passing Grade: 70%

Exam Policies: Exam may be retaken. Course must be completed within one year of purchase.

CPE Sponsor Info : NASBA/QAS #109234. Click here to view specific state approvals.

By the end of the course participants should be able to:

  • Recognize the different accounting principles.
  • Cite the line items and classifications used within the financial statements.
  • Note the differences between financial and managerial accounting.
  • Note the differences between cash basis and accrual basis accounting.
  • Identify the concepts behind the accrual-adjusted approach.
  • Note the types of source documents for an accounting system.
  • Recognize how assets and liabilities are classified within the balance sheet.
  • Recognize the structure used in the chart of accounts.
  • Identify the different types of accounting transactions and how they are recorded.
  • Describe contra accounts and how they are used.
  • Note the methods used to derive the allowance for doubtful accounts.
  • Describe the different classifications of securities.
  • Recognize how the other comprehensive income classification is used.
  • Note the calculation for the net proceeds from the sale of an investment.
  • Recognize the issues with using the periodic inventory system.
  • Identify the calculation for net realizable value and when this valuation can be used.
  • Identify the components of a depreciation calculation, and how the mid-month convention can be used in calculating depreciation.
  • Cite the calculations used for the accelerated depreciation methods.
  • Note the entry used to record the disposal of a fixed asset.
  • Identify the investments that are considered to be permanent land developments.
  • Recognize the costs incurred in the development of non-current assets.
  • Note the different types of intermediate-life plants and how their costs are classified.
  • Recognize the methods used to create supplier identification numbers.
  • Note the structure of the Form 1099-MISC and its parts.
  • Recognize the reasons for reconciling loan accounts.
  • Cite the circumstances under which a tax position is recognized.
  • Note the tax rate used in interim reporting periods.
  • Note the process flow for using the other comprehensive income classification.
  • Recognize the different types of hedging transactions.
  • Describe the nature of a highly effective hedge and its effect.
  • Identify the types of cooperatives.
  • Note the recognition criteria for patronage refunds and sales to cooperatives.
  • Recognize the unique aspects of loans from the Commodity Credit Corporation.
  • Identify the different types of entries used when closing the books.
  • Identify how the income summary account is used.
  • Note the analysis methods used to review preliminary financial statements.
  • Recognize the different types of disclosures that should be attached to farm financial statements.
  • Define the different classifications of ratios.
  • Identify the calculations used for each of the farm analysis ratios.
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